Al Mawarid Manpower Co. Announces the Results of the Ordinary General Assembly Meeting (First Meeting)
| Element List | Explanation |
|---|---|
| Introduction | The Board of Directors of Al-Mawarid Manpower Company is pleased to announce the results of the Ordinary General Assembly meeting, which was held at 8:30 pm on Sunday, 11-25-1445 AH, corresponding to 06-02-2024 AD. The meeting was held remotely, using modern technological, after the quorum is reached for the meeting. |
| City and Location of the General Assembly's Meeting | Through modern technology from the company's headquarters in Riyadh. |
| Date of the General Assembly's Meeting | 2025-05-21 Corresponding to 1446-11-23 |
| Time of the General Assembly’s Meeting | 08:00 |
| Percentage of Attending Shareholders | 63.39% |
| Names of the Board of Directors' Members Present at the General Assembly's Meeting and Names of the Absentees | The following members of the Board of Directors attended the meeting remotely:
Mr. Ahmed Mohammed Al-Rukban - Chairman. Mr. Abdullah Ibrahim Al-Omaier - Vice Chairman. Mr. Riyad Ibrahim Al-Romizan - Board Member and CEO Mr. Tariq Ali Al-Awaji - Board Member. Mr. Yousef Abdullah Al-Olayan - Board Member. Mr. Abdul Aziz Othman Al Nasser - Board Member. |
| Names of the Chairmen of the Committees Present at the General Assembly's Meeting or Members of such Committees Attending on Their Behalf | Mr. Abdul Aziz Othman Al-Nasser - Member of the Audit Committee.
Mr. Yousef Abdullah Al-Olayan - Chairman of the Executive Committee. Mr. Yousef Abdullah Al-Olayan - Chairman of the Nominations and Remuneration Committee. |
| Voting Results on the Items of the General Assembly's Meeting Agenda's | 1. Reviewed and discussed the Board of Directors' report for the fiscal year ending on December 31, 2024.
2. Approval of the company’s auditor’s report for the financial year ending on December 31, 2024.
3. Reviewed and discussed the financial statements for the fiscal year ending on December 31, 2024.
4. Approval of discharging the members of the Board of Directors from their liabilities for the fiscal year ending on December 31, 2024.
5. Approval of disbursing an amount of SR 2,296,000 as a reward to members of the Board of Directors for the fiscal year ending on December 31, 2024.
6. Approval of the appointment of M/s BDO- Dr. Mohamed Al-Amri & Co. from among the candidates based on the recommendation of the Audit Committee; This is to review the interim financial statements for the second and third quarters of the year 2025, and the first quarter of the fiscal year 2026, and to audit the financial statements for the year ending on December 31, 2025, for a total fee of SAR 655,000 (six hundred and fifty-five thousand Saudi riyals only).
7. Approval of authorizing the Board of Directors to distribute interim dividends on a semi-annual / quarterly basis for the fiscal year 2024.
8. Approval of delegating to the Board of Directors the authorization powers of the General Assembly stipulated in paragraph (1) of Article 27 of the Companies Law, for a period of one year starting from the date of the approval by the General Assembly or until the end of the delegated Board of Directors’ term, whichever is earlier, in accordance with the conditions set forth in the Regulatory Rules and Procedures issued pursuant to the Companies Law relating to Listed Joint Stock Companies.
9. Approval of the business and contracts concluded between the company and Al-Ayouni Investment and Contracting Company, in which Board Member Ahmed bin Muhammad Al-Issa has an indirect interest in his capacity as a member of the Board of Directors of Al-Ayouni Investment and Contracting Company, providing manpower services, noting that the value of the transactions that took place during the year 2024 amounted to SR 287,873,521 and was agreed upon according to the prevailing commercial terms.
10. Approval of the business and contracts concluded between the company and Limak Al-Ayouni (a joint venture), in which the member of the Board of Directors, Ahmed bin Muhammad Al-Issa, has an indirect interest in his capacity as a member of the Board of Directors of Al-Ayouni Investment and Contracting Company, providing manpower services, noting that the value of the transactions that took place during the year 2024 amounted to SR 53,901,914 and was agreed upon according to the prevailing commercial terms. |
| Additional Information | In case of any inquiries, please contact the Investor Relations Department via e-mail:
IR@mawarid.com.sa |
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